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Well just stumble upon a tweet by the co founder Nischal Shetty claiming that Wazirx bank transfers from INR/Crypto is still working , How is that possible that even after being raids on its bank accounts and office , they still be able to manage by cashing out people INR withdrawls, Are people facing any issue or its a fake claim, has gone through various social posts where people are saying they are unable to withdraw funds, Who is right the co founder or the users...
What can happen
1) Are the people who are claiming to withdraw funds are their own men
2) Are real people been able to withdraw funds as all the ED fuss is still going and their bank accounts still operating
3) The seized funds are just temporary unhold so as to ensure people get their funds back
4) What could be the long term impact on users,
5) Is wazirx innocent or guilty of being in a fraud/laundering or anything of such activity
Opinion :
Wazirx is still going under doll drums and is somehow trying to sustain its image or Will it come out of this mess clean
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one big reason that famous among startup is they lack of fund to burn, you know that to gain more people come startup usually need money to burn and keep competitive and its hard especially in current hard time, crypto winter is really hit market so if the company cant control in this situation they will be like this
Well could be one more reason that most exchanges use api's from various companies for generating wallet, rather than running their own node , and it could be possible that they even do not have control over the crypto funds, so hey ultimately stake peoples funds in someone else hands and promise such high returns on trading and staking that may result in collapse |
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What would the dispute resolution look like? and how does the escrow system works?
Solely preaching about it giving people an opportunity to earn in a bear market seems not convincing enough. You should explain more about the overview of the whole system. And any other else benefit/feature/opportunity of the platform that could give, since I can't find any.
Since you asked overview about the whole system , be a lil open minded and think about amazon , replace money or credit card payments with bitcoins, Now benefits could be endless for both buyer and seller side, supposedly you want to sell any old artifact which could be of some value , its simple to put an add with a price .. the trader may talk to you on the platform .. one thing is different from amazon is that u cannot talk to vendor before placing an order .. it would be a marketplace rather where in people can talk and when trade is opened the bitcoins will be put to escrow and once the item is delivered and received the bitcoins will be replaced by the vendor, though its a not a rocket science to understand a very basic concept of P2P clubbed with E Commerce.. which is basically based on WEB3 Solutions I get that point. The problem is, IIRC, such kind of platform/initiative was already discussed by someone else on the Project Development board and somewhere, a long ago and not once. Now I didn't hear anything about it at all. I did ask whether how this particular project will be developed, and where's the pain point of the market that could potentially choose this platform. For example, how do you attract buyers and sellers to your platforms? because things like Amazon already give a lot of convenients for a lot of users. And you didn't even explain the escrow and dispute resolution system about it, how could anyone have an assurance when they want to transact over the platform? Well reaching out to masses is one major challenge looking at the current scenario where most traders are indulged into spot or staking trading, Now coming to the point of escrow, just like in amazon where you place an order by making payment through your card , here the currency that would be used to safe guard both buyer and seller would be bitcoin .. The product can be easily delivered from one place to another using many delivery services around the globe, and that traders and vendor can decide and pick and drop facility would be carried out , now dispute resolution , the person who is receiving the product has to make a video while opening the product and share it in the trade window, to ensure he got the right product in a said condition, once both agress the buyer or seller of bitcoin , can release the bitcoin and in case of dispute they can raise a dispute wherein the product will be replaced or returned and money bitcoin will be released to the right party depending on the trade fulfilments... |
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There is so much speculations going on when we see rifts between the 2 companies, where one is claiming to be owned by other company and the parent company simply denies the claims and washing their hands off , which if proven turns out to be one of the biggest crypto scams ..
Moreover there is always a question mark on legitimacy on both exchanges ...
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The Enforcement Directorate (ED) has searched premises belonging to a director of Zanmai Lab - the company that runs popular cryptocurrency exchange WazirX - in Hyderabad, and ordered a freeze on its bank balance of Rs 64.67 crore, officials said today.
Whats your opinion
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What would the dispute resolution look like? and how does the escrow system works?
Solely preaching about it giving people an opportunity to earn in a bear market seems not convincing enough. You should explain more about the overview of the whole system. And any other else benefit/feature/opportunity of the platform that could give, since I can't find any.
Since you asked overview about the whole system , be a lil open minded and think about amazon , replace money or credit card payments with bitcoins, Now benefits could be endless for both buyer and seller side, supposedly you want to sell any old artifact which could be of some value , its simple to put an add with a price .. the trader may talk to you on the platform .. one thing is different from amazon is that u cannot talk to vendor before placing an order .. it would be a marketplace rather where in people can talk and when trade is opened the bitcoins will be put to escrow and once the item is delivered and received the bitcoins will be replaced by the vendor, though its a not a rocket science to understand a very basic concept of P2P clubbed with E Commerce.. which is basically based on WEB3 Solutions |
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I honestly believe that the liquidity situation is more than enough for it. I am not saying that it is the only reason but it does make sense for it to be a good reason. When you are running an exchange, that means you are making money based on trades, the more volume there is, the more trading fee you are getting.
If there are not enough trading fees coming at your way, then it won't be available for you to keep it going since you won't be able to keep the lights on. On the other hand, if we are talking about something that is generally not a great, then having low security could put you at risk as well. Getting hacked and losing the funds could make you bankrupt in the first place.
The trading Fee is one of the many factors, there are ways from which exchanges make money , one is listing any coin or token for which they may ask from 20,000 usd to almost anything , 2ndly the people's funds which exchanges hold they park the funds somewhere else just like banks, 3rd and most important is most exchanges have raised funds from VC's from millions to billions dollars depending on their volume, so according to my opinion is which i said earlier govts should work on bankruptcy laws just like in shares and stocks.. so it will be a nightmare for a company to actually file for it, looking at situations it seems like its a cup cake for an exchange to file for bankruptcy...which is absolutely not right for crypto community as a whole... |
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There are so many ponzi schemes which such exchanges are offering and people who just want to earn a bit by investing are falling victim , think of million of people who have actually invested in all these exchanges, and imagine how they would be able to recover from such losses, as most of them would have put their hard earned money ... This is certainly alarming for crypto community as a whole, probably there is no instant solution to it , but more education should be provided to people so they understand the repercussions of investing in such schemes where they promise to make you you rich without putting much effort or money... Derivative exchanges are finding new ways to make people fool without a vision and thereby its hard to digest for anyone, that without banks or law making agencies being involved this kind of things does happen,...
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Obviously it will not be a DeFi per say in terms of tokens generation and putting into trade for buying and selling any product or service, rather EDeFi is peer to peer escrow system, which is decentralized in nature as in p2p no central authority is cashing out money, its among people , so p2p exchanges are generally put into the category of decentralized, as of now p2p exchanges are only suffice to limited trading of crypto to crypto , or crypto to cash , but in a p2p edefi , people can simply trade their products and services ...just like in amazon or any other e commerce platform , where the security of both buyer and seller would be bitcoin or any other blockchain backed cryptocurrency..
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According to my opinion , Why is it that always at time of dip we see exchanges being shutting down and running away with people's money, These exchanges have found loop holes of bankruptcy where the company looses everything and owners become more rich , there is a chronology, which is followed by every exchange , that every exchange has their own token and their main purpose is to roll out their tokens to people in lieu of their funds, and peoples funds are been used somewhere else to make profits .. Somehow people also fall for their bait in terms of ROI . which is beyond imagination , take an example of Voyager, which such a pomp and show they promised returns upto 9% to lure people but at the end of the day people do not realize how can such calculations be possible at the time if market goes down...
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Just came across a latest news that "Zipmex" is another exchange which have filed for Bankruptcy , after Voyager and others.. What do you think is the real reason for so many exchanges going down.
1) Could the reason be that they have inflated their trading volume , which is now they cannot sustain the real volume at time of dip
2) They lack liquidity
3) Exchanges have invested their liquidity somewhere else which is becoming hard to recover
4) Does it has to do anything with the global inflation that we might see in coming future
5) Do you think its good for the market where cheap players would be shutting down and people can have more robust platforms in future where they would be ready in situations like this.
6) Most Importantly its the people's money, will traders be able to cope up or have faith in trading crypto in future if they lose money like this??
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This would be innovative for sure, but it is not going to be something that is unthinkable and hardcore. It is going to be a lot of time before people could open up to new innovations these days as well, it would be quite difficult. Think about it this way, if we are in a situation where it is going to take a ton of money to do marketing, versus a time when people are investing to even shitty stuff, when would be the best time to start a new innovation?
Ecommerce is a good place to put your hat into, but it would require people to wait for these to develop at the right time, doing it right now would mean the death of anything before it came out considering how people are losing money.
Well the major impact of an EDeFi is when the market is down and people losing money, it can give a bosst to the crypto economy as most people who are left out for buying a cryptocurrency would be able to get it, Secondly people wont fear losing money, as this is not an investment but a business model , where they accept bitcoins in real time price for their products and services, and cashing them out when required later, unlike the derivative exchanges where people have to wait for long most of the times to take out their ROI. So this way an EDeFi could be the next big thing, just think of it like amazon or flipKart of Bitcoin Trading |
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Yes , the point is p2p escrow platform with a digital currency to be in escrow just like bitcoin ,would be able to suffice the needs of both buyer and seller, as exchange of product and services can be carried out where both buyer and seller rights are protected... Bitcoin is already safe and fully decentralized. Tell me how and why is this 'E-DeFi' more advanced and helpful than Bitcoin currently is? You make it sound like Bitcoin is just a purely speculative asset with no capability of offering Peer to Peer transactions in a decentralized manner.
I assumed they meant a decentralised version of a site like opensea but for selling additional goods (such as physical items). It's probably overinnovating for the time though as a lot of this would require escrow (for physical items and some digital ones that are hard to verify) or could just be easily done by using currently available options (making your own website and advertising it would be a lot easier (and arguably already as decentralised as it needs to be). |
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E DeFi works on a peer to peer model clubbed with e commerce , wherein the people trade among themself rather than gateways , which are direct payments which can be paid before or after the product or service is rendered.. Its quiet difficult to protect both buyer and the seller in that case , think of it amazon , so once you pay amazon it holds the funds until the product is delivered , which ensures the right product is delivered , exactly same way p2p is a traditional model but when it is complemented with e commerce to trade products and services , the reach of the users goes from regional to glabal ... So E-DeFi is basically connecting the world , irrespective of the product or service that you want to sell in exchange of bitcoins ....
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Just to counter your so called claims about shilling,
These 5 topics were been replied
Who manages the bitcoin server ??
Bitcoin22 Miami Conference, Booth #1204, Gift For All
Re: What is E-DeFi , and How it could help Crypto Community in Time of Dip
Platform just for crypto videos.. like youtube or OTT's
Huobi Group is moving to Gibraltar following China
Out of which anyone can check how many of them are about coinbaazar and its promotion ...
So instead of thinking and demeaning coinbaazar which is setting a bench mark in crypto community , you shall share your views about E-DeFi for which the post has been discussed, and how could it be helpful for crypto community ..
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Well if we through arcane research the dispute in p2p exchanges are less than 1% , so scams are likely to happen conditionally it would be controlled by Professional Moderators , KYC, and other measures .. just to minimize frauds which may bound to happen even if its less 1% ... SO looking on a positive side it can have a mass reach and could boost crypto peers who wants to look for earning bitcoins rather than buying and waiting for returns ... You can check this article .. https://cryptoplo.com/what-is-e-defi-and-how-can-it-help-crypto-community-during-the-market-dip/ |
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well said, but without a custodial wallet is impractical because the exchange have to save both buyer and seller rights , just like in amazon or any other e commerce service provider
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What is E-DeFi,
Stands for ECommerce Decentralized Finance, which can possibly advance the crypto community to another level, Its has been introduced to crypto community to differentiate between a regular p2p trading to an e commerce p2p trading for buying and selling products such as home decor, paintings, watches, artificial jewellery and many more, and services like web designers, blockchain developers, content writers with bitcoin or any other blockchain backed crypto currency..
This could boom the crypto community in a way that people really want to accept bitcoins in a secure way for their day to day payments in the mode of bitcoin in liue to their products and services but somehow find it difficult..
This way the crypto community can have a global reach, and without being dependent only on investing and getting returns , this could catapult the crypto market even in case of dip, as more people would be able to transact irrespective of the bitcoin price ..
Share your opinion ... Highly Appreciated
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